Optimism over transformation plan progress at energy firm
ITM Power, has reported revenues ahead of its £2m guidance and an adjusted EBITDA loss of between £90m to £95m – within its £85m to £95m guidance – for the 12 months to 30 April 2023.
The energy storage and clean fuel company also reports net cash at year-end of £281m, ahead of the £245m to £270m guidance.
As previously reported, in January the Sheffield-headquartered business warned it had produced an “unacceptable financial performance” during the six months to 31 October 2022 and said it would need to slash staff headcount by 25%.
The business conceded it had underestimated the capabilities required to scale up and transition from an R&D company to a volume manufacturer, so had set unrealistic targets for project completion.
However, today CEO Dennis Schulz said: “We are pleased with the progress made so far against our 12-month plan laid out in January, which aims to transform ITM Power into a highly focused delivery organisation with volume manufacturing capabilities.
“Focus areas are concentrating on a core product suite, reducing cash burn, and de-bottlenecking fabrication and testing. Recently announced milestones such as the 300% planned increase in power supply to 30MVA and the decision to expand our facilities at Bessemer Park are tangible signs of progress.
“We have made significant progress on organisational refinement, improving engineering and product robustness.
“I am particularly delighted to see our intense efforts to slow down cash consumption already proving to be effective in such a short space of time. We will provide an update on the 12-month plan alongside our final results in July.”
